- Commerce Secretary Howard Lutnick advised the public to buy Tesla stock during an interview.
- Lutnick’s ties to Tesla, and the office he holds, have raised questions from Rep. Connolly.
- Calls for Musk to step down as Tesla CEO continue to grow louder every single day.
Tesla stock is down some 35 percent, protests against the company appear to be heating up, and vandals continue to target the EV maker’s showrooms and products. Meanwhile, as questions are raised about Elon Musk’s suitability as CEO of the firm, a political tug-of-war is attempting to right the ship in the background.
Now, the U.S. representative for Virginia has openly called for an investigation into how the Trump administration is “using taxpayer money to enrich the President’s inner circle,” as Rep. Gerry Connolly claims that there has been an ethics violation.
Buy, Buy, Buy?
The statement under scrutiny was uttered earlier this week when Commerce Secretary Howard Lutnick made a reasonably pointed recommendation to the public: advising Americans to buy Tesla stock, likening its current share price to a once-in-a-lifetime opportunity. This remark was made during an appearance on Jesse Watters Primetime on Fox News, where he was asked about the ongoing attacks on Tesla, including those targeting dealerships, charging stations, and even private cars.
Read: Tesla’s European Sales Are Down 45% Even As EV Market Surges 31% In 2025
“I think if you want to learn something on this show tonight, buy Tesla. It’s unbelievable that this guy’s stock is this cheap. It’ll never be this cheap again,” Lutnick said in a Wednesday interview on Fox News. He added: “I mean, who wouldn’t invest in Elon Musk? You gotta be kidding me.”
However, one problem with his recommendation is that Lutnick may stand to benefit. According to a report from Yahoo Finance, Lutnick’s former firm, Cantor Fitzgerald, upgraded Tesla stock the same day and has invested heavily in the company. Though Lutnick has officially divested from the firm, his sons now occupy senior roles there, and Cantor maintains a $425 price target on Tesla following a visit to the automaker’s AI data center and production line.
More: Photo Shows Trump Reading Tesla Sales Pitch From Musk’s New White House Pop-Up Store
While some high-profile Republicans have rallied to Musk’s defense — Trump himself showcased Teslas at the White House and purchased two models — others are beginning to call for a leadership shift. Ross Gerber, a longtime Tesla investor and CEO of Gerber Kawasaki Wealth Management, is now urging Musk to step down. “He is not running Tesla,” Gerber told Sky News. “The business has been neglected for too long.”
Calls For An Investigation
But now, Lutnick’s endorsement is drawing scrutiny of its own. Representative Gerry Connolly, the ranking Democrat on the House Oversight Committee, has formally requested an investigation into Lutnick’s comments, arguing that a sitting Commerce Secretary encouraging the public to invest in a specific company—especially one tied so closely to the administration—crosses a clear ethical line.
More: Over 80 Tesla Cars Vandalized At Canadian Dealership In Possibly The Largest Attack Yet
“This is just the latest example of the Trump Administration using taxpayer resources to enrich the President’s inner circle,” Connolly wrote in a letter to the Department of Commerce’s acting general counsel, reported on by The Hill. He demanded Lutnick’s financial disclosures and internal communications related to the Fox interview, including emails with the White House, Office of Government Ethics, and other oversight bodies.
The investigation request follows a string of recent moves by the Trump administration to oust independent agency watchdogs and cut regulatory staffing—efforts Musk’s DOGE department has reportedly supported. Connolly accused Musk of using his dual role in government and the private sector to push through mass firings and deregulation while profiting handsomely from the chaos.
More: US Attorney General Goes After Tesla Attackers, 3 People Face Up To 20 Years In Prison
“Tesla is owned by an individual who has been given license by the President to slash and burn his way through the federal government,” Connolly wrote. “These ongoing violations of law require a response befitting of the level of abuse to deter further lawlessness and to ensure the American people that members of this Administration seek to serve all people rather than to enrich a select few.”
As the political spotlight burns brighter and ethical questions pile up, the Tesla-Musk narrative grows more complicated. What started as a revolutionary car company is now entangled in partisan warfare, federal investigations, and allegations of self-enrichment at the highest levels. Whether Tesla can steer through this storm or becomes collateral damage in a much larger conflict remains to be seen.
